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QUESTION TWO By citing relevant examples describe seven (7) limitations of Ricardian comparative cost theory of international trade (15 marks). QUESTION THREE Briefly explain

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QUESTION TWO By citing relevant examples describe seven (7) limitations of Ricardian comparative cost theory of international trade (15 marks). QUESTION THREE Briefly explain the variables in the formula and discuss the concept net barter terms of trade by frank W. Tausig (15 marks).

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QUESTION TWO Limitations of Ricardian Comparative Cost Theory of International Trade 1 Assumption of Labor as the Only Factor of Production The Ricardian theory assumes that labor is the only factor o... blur-text-image

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